Hello nickschick8989-ga,
It?s a tough call to evaluate what kind of remodeling is worth doing
in today?s super heated real estate market. I?ve collected some
articles for you that give you recent national figures on what
remodeling projects give you the most bang for your buck. These
reports are a good starting point but you will have to evaluate them
in light of local market conditions. I suggest that you find a real
estate agent who specialized in selling homes in your neighborhood and
get their insights about what is happening in your area and what your
neighbors have been doing. So much depends on the status and age of
your neighborhood and what are the trends in upgrades. What is the
best route to take also depends on the age of your home, how long
you?ve lived there and plan to stay, what are the local comparables
and who are the prospective buyers.
It sounds like your home is a basic starter home in a good
neighborhood. Starter homes are always desirable because there will
always be people who are eager to get into the market and will be
willing to take a home that?s not perfect. I found some interesting
articles to help you think through what are the issues that
prospective buyers are considering when they compare a new home
against a used one. These articles should help you prioritize possible
upgrades.
Finally, I?ve been able to find lots of information about the current
Sacramento market conditions. In addition, I advise you to get
familiar with what is going on in your neighborhood. Go to open houses
and check out what has been upgraded in the homes that are comparable
to yours. One of the important considerations is that you should keep
pace with whatever improvements your neighbors are making but not over
improve beyond the neighborhood standards. Again, getting acquainted
with some real estate agents who specialize in your neighborhood would
be very helpful.
There is a tremendous amount of information available to help you make
your decision.
Best wishes for continued high appreciation for your home.
~ czh ~
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RETURN ON INVESTMENT FOR HOUSE REMODELING
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http://www.homestore.com/homegarden/homeimprovement/remodeling/remodelsmarts/roi.asp?poe=homestore&tran=vud
Top Five ROI Remodels
Projects that get you the most bang for your buck
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http://www.bankrate.com/brm/news/loan/20000425.asp
Home remodeling: Pick renovations that pay off
What can you expect to recoup for renovations to this old house?
According to the 2004 survey by Remodeling magazine that compares the
cost of construction to likely return on investment (ROI) at resale,
minor kitchen remodels rule, returning 92.9 percent of your
investment, followed closely by new siding at 92.8 percent.
Here's what's hot in remodels, room by room:
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http://www.remodeling.hw.net/industry-news.asp?articleID=79166§ionID=173
2004 Cost vs. Value Report
How much of the cost of a remodeling project can be recovered at
resale? Our annual report samples current conditions in 60 markets.
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http://store.yahoo.com/yhst-49216179050127/remodeling04.html
Remodeling Cost vs Value 2004 (5-Pack) remodeling04 $42.50
This year's report expands to 18 projects, including both mid-range
and upscale projects, and also increases the number of cities
reporting from 35 to 60.
Resale values do not reflect actual sales made on remodeling projects.
Instead, they are based on the professional judgment of members of the
National Association of Realtors (NAR) about each remodeling project's
anticipated resale value. E-mail surveys containing cost and median
home price data for each city were sent to more than 20,000
appraisers, sales agents, and brokers, generating 356 responses (a
1.78% response rate). According to The Farnsworth Group, the data
accuracy rate is +/- 5% to 10%.
For some projects, resale value is projected to be more than 100% of
the original investment; in some cases, quite a bit more. This is
characteristic of markets where property values are rising very
rapidly, but also in areas where certain types of remodeling projects
are taken for granted. For example, in a neighborhood where a deck is
considered an expectation, adding a deck to a home that doesn't have
one may well increase the resale value of the home beyond the cost to
construct the deck
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REMODELING IN COMPETITION WITH NEW HOMES
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http://www.summerhillhomes.com/Pages/news_room/archive.html
Why New Homes Hold Value Better Than Most Resale Homes
Palo Alto, CA, January 2002- With the dynamic conditions in the
current economy and subsequent effect on real estate values, many of
our homebuyers ask the obvious question: what might my home be worth
in two, three or five years?
FULL STORY>>
***** This is a very interesting article that discusses how an
existing home stands up against a new home and what issues you may
want to consider when evaluating whether it would be worthwhile to
remodel your home.
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http://mortgage-calculators.org/resources/4_reasons.html
4 reasons to buy a new home over a resale home
***** This is an interesting article about the life cycle of a home
and it will give you good insights about how a prospective buyer might
look at your house.
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http://www.seenohomes.com/current/general.html
New Home vs. Used Home?
***** See the table and use it as a possible template for evaluating
what should be your priorities in remodeling your house.
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SACRAMENTO REAL ESTATE MARKET
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http://www.dqnews.com/
Real Estate News Site for
DataQuick Information Systems
DataQuick has the most comprehensive, current and accurate national
database of real estate information. The data is keyed directly from
county recorder and assessor's records.
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http://www.dqnews.com/ZIPSACB.shtm
DataQuick Real Estate News
Sacramento Bee Zip Code Chart
for Home Sales Recorded in April 2005
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http://www.sacbee.com/content/home/real_estate/story/12751466p-13603105c.html
Home prices defy gravity
Healthy market or bubble set to burst?
By Andrew LePage -- Bee Staff Writer
Published 2:15 am PDT Tuesday, April 19, 2005
Some will view this as more evidence of a raging bull market, while
others will see an ever-expanding bubble ready to pop.
The local housing market set records again in March as the median
price of a resale home in Sacramento County rose to a high of
$332,000, up 25 percent from a year ago. The number of homes sold in
the county rose 7 percent, DataQuick Information Systems reported
Monday.
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http://abclocal.go.com/kgo/news/bth_housing_special/bth_housing_special_remodel.html
Remodeling For A Better Home, Better Return
Nationally, a kitchen remodel - meaning new cabinets, counter-tops, a
new sink and faucet, energy-efficient appliances, flooring and paint -
costs an average of about $15,000. But you can recoup nearly
93-percent of that if you decide to sell your home.
In the Bay Area, the market is so hot, that for the same project,
costing an average of nearly $18,000, you could see a 150-percent
return.
If you don't want to invest that much, you can still give your kitchen
an inexpensive facelift. Scrub all cabinets and counters with a
degreaser, and replace all the hardware.
Wally Konrad, Good Housekeeping money editor: "Bathrooms and kitchens
are usually your best bet."
Bathrooms may also be the easiest, quickest, and most profitable to
remodel. Although a bathroom remodel in the Bay Area will cost an
average of about $12,000, it could give you a 154-percent return.
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http://www.realestatejournal.com/columnists/housetalk/20030516-barta.html
Researching Real Estate In Your Neighborhood
Question: In Sacramento County, real estate is still really hot and
many people I've spoken to predict that home prices will keep
increasing in the future even if there's a drop in real-estate prices
in other parts of the nation. These people also predict that there is
a housing bubble all over the country -- except in Sacramento. Is this
true?
So how does Sacramento stack up? It doesn't look great.
***** Read the rest of the article for the cautionary remarks about
the Sacramento real estate market. Unfortunately the article isn?t
dated so you?ll have to take the information with a grain of salt. You
can use it as a basis for doing current research.
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http://money.cnn.com/2005/05/12/real_estate/re2005_100markets_0506/
The 100 Major Markets
While currently hot real estate markets may cool, don't look for many
outright losers just yet.
June 1, 2005: 7:01 PM EDT
NEW YORK (MONEY Magazine) - Home prices across the country will likely
keep rising over the next year. While many hot markets on both coasts
could see a dramatic slowdown in their growth rates, the forecasters
at housing research firm Case Shiller Weiss aren't predicting outright
losers anywhere.
***** Compare Sacramento statistics to other major markets.
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http://www.sacbee.com/content/home/real_estate/story/13046035p-13891765c.html
More houses 'for sale' a sign of market chill?
By Andrew LePage -- Bee Staff Writer
Published 2:15 am PDT Saturday, June 11, 2005
The number of capital region homes on the market has risen to its
highest level since November 2001, suggesting the market might be
seeing the first signs of cooling.
Experts caution that the 48 percent run-up in the inventory of
existing homes in the past year might not mean much unless the number
of homes hitting the market continues to rise sharply this summer,
sales wane and price appreciation slows.
***** This article has up to date information about the Sacramento
area real estate market.
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http://www.sacbee.com/content/homes/re_news/v-print/story/12589599p-13444052c.html
Driven to the edge: Home buyers look far afield to cut costs
By Andrew LePage -- Bee Staff Writer
Published 2:15 am PST Saturday, March 19, 2005
Although a minority of national housing experts maintain home prices
could eventually fall because they've outpaced incomes for so long,
most see a flattening out of prices as the most likely scenario in the
next year or so, a so-called soft landing for the housing market.
Although overall inventory is up, there are fewer homes priced under
$300,000 on the market than there were a year ago. So, many first-time
buyers aren't feeling any relief.
Rising mortgage rates have also been working against first-time
buyers. This week the average rate for a fixed 30-year mortgage rose
to 5.95 percent, up from 5.85 percent last week and the highest since
last summer, Freddie Mac reported.
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